Egypt participates in the G20 meetings to enhance financing for sustainable development
Egypt participates in the G20 meetings to enhance financing for sustainable development
As part of ongoing efforts to enhance international cooperation in the field of financing for development, Dr. Rania Al-Mashat - Minister of Planning, Economic Development and International Cooperation - participated in the Group of Twenty (G20) meetings held in South Africa. This participation comes within the preparations for the Joint Finance for Development Summit. To discuss the financial and institutional challenges facing developing countries, and ways to enhance investment flows to achieve sustainable development.
These meetings are an opportunity to enhance international cooperation and coordinate joint efforts to confront climate challenges, especially in light of the increasing need for innovative financing solutions. Believing in the role of these meetings in achieving Sustainable Development Goals (SDGs),Earth Guards highlights in this article Egypt’s participation in this international forum, and its role in strengthening the mechanisms ofclimate financing, and highlighting innovative financing solutions.
Enhancing international cooperation to achieve sustainable development
The meetings opened with a high-level workshop on country platforms for exchanging experiences in financing for development, organized by the Development Bank of South Africa (DBSA) and the South African Presidential Climate Commission (PCC), in cooperation with the African Climate Foundation, the French Development Agency and the World Resources Institute.
Participating in the sessions, alongside the Minister of Planning, Economic Development and International Cooperation, were Mr. Rudi Dix, Head of Projects at the South African Presidential Office, Mr. Sri Mulyani, Minister of Finance of Indonesia, Mr. Ivan Oliveira, Deputy Minister of Finance for Sustainable Development of Brazil, Mrs. Susana Mohamed, Minister of Environment and Sustainable Development of Colombia, Mr. Cheikh Niani, Deputy Minister of Energy, Petroleum and Mining of Senegal, and officials of the Development Bank of South Africa. Africa.
The workshop discussed the financial and institutional challenges facing country programmes, with a focus on how to employ national platforms to enhance climate finance as an essential element within the global finance and development agenda. Emphasis was placed on the importance of strengthening cooperation between countries and exchanging experiences to develop innovative and effective solutions to confront climate and financial challenges, which contributes to achieving sustainable development at the global level.
In her opening speech, Dr. Rania Al-Mashat highlighted the pivotal role of country platforms in international forums as a tool for strengthening partnerships and mobilizing development finance to address climate change, referring to the statement issued by the Multilateral Development Banks (MDBs) during the COP29 Conference of the Parties (COP), which supports country platforms as a mechanism for coordinating climate efforts.
Novi platform is a pioneering national model
The Minister reviewed the Egyptian experience through the national platform of the “Novi” program, which focuses on the interconnection between the water, food, and energy sectors. The platform represents a national model based on an integrated strategic vision. The government has identified 9 priority projects that address the challenges of water scarcity, food security, and energy needs, which contributes to bridging the gap by providing investable projects, in line with the National Climate Change Strategy 2050.
The Minister confirmed that the program follows a blended financing approach, which enables it to deal effectively with the social and economic challenges associated with climate change. She pointed out that the program serves as a guiding framework for mobilizing financial resources to support Egypt’s transition towards a sustainable climate agenda. It also reinforces the principle of inclusiveness by encouraging cooperation with all concerned parties, including relevant ministries, development partners, climate funds, and the private sector. The platform has become a model for other developing countries that have requested technical support from Egypt to replicate the experience, such as Macedonia and Tanzania.
Dr. Al-Mashat indicated that the platform uses various financing sources, including debt swaps, guarantees, concessional financing, grants, and private investments, while emphasizing the principle of “fair financing” as an essential element. It also stated that joint efforts with international partners resulted in the mobilization of about $3.9 billion in soft development financing for the private sector. To finance renewable energy projects with a capacity of 4.2 gigawatts, and to decommission thermal power plants with a capacity of 1.2 gigawatts.
At the conclusion of her speech, Dr. Rania Al-Mashat stressed the necessity of working in accordance with the national priorities and vision of each country, taking into account the international agenda and maximizing the benefit of partnerships. She also touched on the preparations for holding the Fourth Conference on Financing for Development in Spain during the current year 2025, and its importance in continuing global efforts aimed at achieving sustainable development, promoting reform of the international financial structure, and increasing capital flows. She explained that Egypt launched a national strategy. Integrated financing for development that integrates domestic financing, external financing and innovative financing mechanisms, in order to develop a coherent framework on financing for development.
Towards a sustainable future
Dr. Rania Al-Mashat’s participation in the G20 meetings in South Africa is a reflection of Egypt’s commitment to strengthening international cooperation to achieve sustainable development, andEarth Guards believes that the efforts made within the framework of the “Novi” program are a serious step towards improving the quality of life of citizens, enhancing investment in clean energy, and increasing the efficiency of resource use. It also confirms that intensifying international cooperation and developing innovative financing solutions represent the cornerstone for building more resilient societies in the face of climate change, and ensuring a sustainable future for future generations.
